International Sanctions are still effective for Russia. These sanctions especially affected daily trades. Many Russian citizens decided to come to Turkey to continue their business, and establishing company in Turkey for making easy money transfers in Turkey.

As Payas&Payas Law Office, we are here to help our Russian clients to open a bank account. Please be informed that Turkish banks ask for minimum 50.000 TL to be deposited for at least 3 months to open a bank account for Russian citizens in Turkey.

We advise our Russian clients to register a Turkish company, so that they will be able to make business and easy money transfer through The Turkish company.

Here are our general terms for the legal procedure;

1- We prepare the documentation and complete application procedure for registration of company and opening bank account.

2- We will require a Power of Attorney prepared by Russian client to complete the procedural steps of company registration. Its cost may be around 1.000-1.500 TL.

3- The company must hire an accountant for keeping the books of the company.  We can arrange an accountant for the company (Minimum 750 TL monthly fees, it may vary)

4- We attend all necessary meetings with the client while completing bank actions, and other actions for company registration.

5- Standard official costs of company registration is around 4.000 TL but there will be extra notary translation costs for the client (translation of passport, translation of Circular of Signature at notary public). These costs may be around 1.000 - 1.500 TL.

6- The company will require a fixed address in Izmir. We charge extra fees if we will arrange such details as leasing the office, etc.

7-Our legal fees are 15.000 TL VAT (Value After Tax) for registration of a standard LLC company and opening bank account. Our legal fees do not include any official costs of legal procedure.

8- If Russian citizen is planning to reside in Turkey, he must obtain work permit or hire a Turkish general manager in 6 months after registration of company. According to Turkish Laws; any foreigner establishing company in Turkey is given 6 months to obtain work permit or hire a Turkish general manager. Otherwise foreigner person could be deported from Turkey and an administrative fine shall be charged to the Turkish company, even liquidation of the company can be requested by authorities.

9- Costs of obtaining work permit is minimum 40.000 TL per month (Any foreigner will require 5 Turkish workers to work for the company to obtain work permit, and each worker's cost is minimum 8.000 TL). And there will be other expenses to be spent during obtaining work permit. This is a relatively high and continous cost, and it is a very strict procedure to obtain work permit. To make a easy transition for our clients, as Payas&Payas Law Office, we provide services for company management. As professional lawyers, we can act as general manager if requested. But surely, company management fees should be decided according to the activity of the company and requested tasks by client (We charge monthly fees starting from 5.000 TL VAT (Value After Tax). And also, in this case, we do not charge legal fees as mentioned in 7th article, or other extra fees.